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REDA Meeting Minutes—Tuesday,October 17,2017 Page 11 As outlined in Attachment D, Ms Collins sought feedback from the REDA on how best to retool the current multi-family and housing program to serve a broader business/commercial need. Ms. Kelsey reviewed the original intent when seeking out this organization for loan origination and monitoring services, and approved lenders to leverage funds for gap financing for certain improvements or equipment. Ms. Collins reviewed the recommendation for staff and the EDA to talk about when and how a business would qualify for equipment and/or fagade improvement loans through the EDA. President Roe clarified whether staff s proposal was to take the entire multi- family balance and use it for other purposes, or just a portion for that use and the other portion for everything else. With the current balance (Fund 724) at $1,645,299, Ms. Collins advised that staff was open to EDA direction, with the idea to put the money to broader uses. Regarding this particular CMDC organization, Member Willmus asked how they compared in cost structure with other organizations. Ms. Kelsey noted the difference in this organization than with those underwriting businesses and monitoring their finances to help before the problem became larger; and while offering to perform additional research, advised that this organization was used by the cities of St. Louis Park and Fridley. Member Etten stated his openness to broader uses, whether through this CMDC or another firm, especially in using the current balance available versus increasing the levy to add new dollars or a new program. Ms. Kelsey reviewed the only remaining multi-family housing loan (Sienna Green 2) still outstanding at less than $60,000. Ms. Kelsey noted that the only other use of these funds was to acquire properties on Dale Street to redevelop the former Fire Station site. President Roe asked if the EDA was open to designating a portion of this fund for grants versus a revolving loan fund. Member Willmus stated that he wasn't sure he wanted to go with grants, but suggested other one-time monies (e.g. SAC credits) may be used to avoid bigger hits to the bottom line. Member Laliberte suggested identifying fund priorities by ranking and have further discussion at that time.